Industry News

Wall Street hammers real estate stocks

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Wall Street's mixed feelings about real estate companies this year took a decidedly more negative turn in July. The hypothetical Inman Index lost 5.4 percent of its value during the month, once again a poorer performance than that of the broader market indices. The Dow Jones Industrials and Standard & Poor's 500 eked out meager gains of .3 percent and .5 percent, respectively, while the Nasdaq Composite lost .4 percent in July. Nine of the 10 publicly traded companies in the Inman Index posted modest or major stock-market declines while only one company, Freddie Mac, posted a stock-price gain. And even Freddie Mac, which added 1.5 percent to its share price in July, has lost $8.33 per share, or more than 12 percent of its value, so far this year. Elsewhere in the mortgage sector, shares of IndyMac, Countrywide and Washington Mutual were up 7.9 percent, 4.3 percent and .6 percent, respectively, so far this year, yet all three companies gave back some of their gains in July. IndyMa...